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At Tax Filings Canada, we handle every part of your catch-up bookkeeping, from the filing itself to the planning around it. Our accountants work with corporations and business owners every week, so you can focus on running and growing your business.
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Stay compliant and optimize your financial processes with our specialized catch-up bookkeeping services.
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Need catch-up bookkeeping in Canada? Tax Filings Canada delivers monthly reconciliations, GST/HST-ready ledgers and receipt capture for owner-managed businesses and growing teams — economical fixed fees quoted up front, and you pay only after you approve the work.
Send us your slips, statements, and supporting records in whatever format suits you.
We prepare the catch-up bookkeeping work and flag anything that deserves a closer look.
You review the draft with us and ask questions before anything is finalized.
Once you approve, we file on your behalf and confirm it has gone through.
| Factor | Tax Filings Canada | Typical Firm |
|---|---|---|
| Pricing model | Fixed, flat fee | Hourly / unpredictable |
| Payment | Pay after service | Upfront retainer |
| Price match | Yes, on written quotes | Rarely |
| CRA audit support | Included | Billed extra |
| Typical turnaround | 3-5 business days | 2-4 weeks |
Late-filing penalties start at 5% of the balance owing plus 1% per month, and repeat late filers can see those figures double — catching up through the Voluntary Disclosures Program can cut the penalty side substantially. The CRA requires business records to be kept for six years from the end of the last tax year they relate to. Our catch-up bookkeeping engagement is priced as a economical flat fee, so the cost is known before the work starts.
What actually separates a clean catch-up bookkeeping file from a messy one? A working tax advisor would point to a short list of rules, and these notes walk through it.
Start with the rule that decides most files: A small corporation still carries the full compliance set: T2, GST/HST, payroll, and the annual return with the incorporating jurisdiction. The annual corporate return is separate from the T2 and is the one most often forgotten, which can lead to administrative dissolution.
Right behind it comes a rule owners rarely hear about until it bites: Inventory is valued at the lower of cost and net realisable value, applied consistently. Changing method without CRA consent reopens prior years. Obsolete stock carried at cost overstates income, and the write-down is usually taken years after it was justified. On the record-keeping side, one rule governs what must be kept and what must be shown: An expense is deductible where it was incurred to earn income and is reasonable in the circumstances. The business-use portion must be supported, which for vehicles means a logbook. The CRA rarely argues that an expense category is wrong; it argues that the proportion claimed was never substantiated.
The common thread in these rules is that they punish assumptions and reward verification. Engaging a tax advisor for catch-up bookkeeping is, at bottom, a way of replacing assumptions with checked answers. To keep the engagement efficient, assemble these records before we begin.
When you are ready, the process is straightforward — we agree a fixed fee up front, prepare the work, walk you through it before filing, and you pay once the service is delivered.
Providing transparent fixed pricing and high-quality Accounting Firm compliance for your catch-up bookkeeping requirements.
Coverage: Standard bookkeeping and catch-up bookkeeping preparation.
Ideal for early-stage startups and sole proprietors.
Book NowCoverage: Full-service bookkeeping, filings, and CRA compliance support.
Perfect for established small businesses.
Book NowCoverage: Strategic advisory and fractional CFO integration.
Ideal for companies seeking high-growth financial structuring.
Book NowWhy you should partner with Tax Filings Canada Experts for all your catch-up bookkeeping needs?
Providing tailored catch-up bookkeeping services to ensure compliance and maximize deductions.
Our certified accountants protect your business with complete federal and provincial tax compliance.
A dedicated team that handles your financials quickly, accurately, and without upfront fees.
Dedicated preparation processes customized for Canadian businesses.
Advanced accounting software integrations with QuickBooks, Xero, and wave accounting.
Customized packages designed to grow as your business operations expand.
Our clear four-step workflow ensuring absolute tax optimization and complete CRA compliance.
Start with a free, no-obligation consultation to review your business’s financial, tax filing and compliance needs and outline our affordable solutions.
Receive a comprehensive checklist and securely provide the required financial records and documents.
Our tax accountant and accounting experts carefully prepare your filings, identify all applicable deductions and credits, and conduct thorough reviews.
We file your documents electronically with the Canada Revenue Agency (CRA) on time and provide post-filing support.
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See how our expert Catch-Up Bookkeeping tax and accounting services have helped Canadian businesses save money and stay compliant.
A family transfer at a food-truck operator running two seasonal units in Burnaby, British Columbia would have been fully taxable because of a shareholder loan balance that would have been picked up as income on closing. Restructuring deferred $440,000.
7 years of returns were outstanding at an equipment rental yard in Saskatoon, Saskatchewan, on top of a receivables list that included invoices collected eleven months earlier. Filing on real numbers removed $55,000 of assessed tax.
The structure at a subscription box retailer in Surrey, British Columbia no longer fitted the business, and meals and entertainment coded at full cost with the input tax credit claimed on the whole amount showed it. Rebuilding it saves $42,000 a year.
A $35,000 reassessment landed at a courier subcontractor paid by the drop in Winnipeg, Manitoba, resting on eighteen months of unreconciled transactions and a shoebox of receipts. The objection was allowed in full.
A specialty coffee roaster in Edmonton, Alberta had already been penalised over three years of returns filed off numbers nobody could trace back to a bank statement. A relief application cancelled $122,000 of that penalty.
Closing the books at a small law practice in Vancouver, British Columbia took 10 weeks because of sales recorded from bank deposits, so processor fees, chargebacks and refunds appeared nowhere in the ledger. It now takes 8 days.
Meet the specialists behind your Catch-Up Bookkeeping filings. Our Partners Are Alumni of the World's Top Accounting and Tax Institutions
CA (ICAI), CA (MIA), CPA Canada (In-Depth Tax Program)
Canada Tax, International Tax, Cross Border Tax, Transfer Pricing
International Tax, Transfer Pricing Specialist
CA (ICAI), Canada Tax Expert
CA. Fractional CFO and Senior Advisory Specialist
Same fixed fees in every province. Find your city or your sector.
Direct answers to what Canadian business owners actually ask before hiring an accountant.
Catch-Up Bookkeeping starts at a fixed fee quoted before any work begins. The quote is locked at the outset and does not change mid-engagement, and you pay only after you have reviewed and approved the deliverable. Compare every plan on our transparent pricing page.
At minimum: prior-year returns and notices of assessment, your bank and credit-card statements for the fiscal period, payroll records if you have employees, and GST/HST filings. We send a checklist tailored to your situation after the free 15-minute call.
Most engagements are completed within 3 to 5 business days once your documents are complete. Catch-up work covering multiple years takes longer, and we tell you the realistic timeline before you commit rather than after.
We respond on your behalf at no extra charge for any return we prepared. Every figure we file is supported by documentation retained in your file, which is what turns a CRA review from a crisis into correspondence. See how our CRA audit representation works.
Yes. Late filing penalties compound at 5% of the balance owing plus 1% per month, so the cost of waiting is real. We prioritise catch-up work and, where eligible, file under the CRA's Voluntary Disclosures Program to reduce penalties.
Yes. We are a cloud-based practice serving every province and territory, so your location does not change the price or the service. Browse our coverage across Canada to find your city.
We work across construction, healthcare, e-commerce, professional services, restaurants, real estate, transportation, technology and non-profits, each with its own deduction profile and CRA scrutiny patterns. See all industries we serve.
Software applies the rules you already know about. An experienced tax accountant finds the ones you do not: capital cost allowance timing, the small business deduction threshold, shareholder loan repayment rules, and TOSI exposure on family dividends. The fee is usually smaller than the deductions it surfaces.
Our catch-up bookkeeping services include complete filing, compliance management, and strategic advice customized to Canadian tax laws.
You can start by booking a free 15-minute call. We will review your files, provide a fixed quote, and start working immediately.
In our files, this is the deciding factor: The CRA requires business records to be kept for six years from the end of the tax year they relate to, in a form that allows the return to be verified. Where records cannot support the return, the CRA is entitled to assess on its own estimate — and the burden of disproving that estimate falls on the taxpayer. An accounting firm applies it to your numbers before submission.
The short answer comes straight from our working notes: Foreign-currency amounts have to be converted at the exchange rate for the day the transaction occurred. Applying one year-end rate to twelve months of purchases distorts the recorded cost and hides the exchange gain or loss on settlement. How that plays out on your file depends on the specifics, which is exactly what the engagement is for.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
A tax deduction is an amount subtracted from your income before tax is worked out, so it reduces the income being taxed rather than the tax bill directly. Its worth depends on your marginal rate: the higher the rate, the more the deduction saves. Common examples are RRSP contributions, child care costs, union dues, moving expenses and business expenses. Credits work the other way, reducing the tax calculated on that income.
Yes. A personal T1 can be prepared and filed by the taxpayer through CRA-certified software, and a straightforward year of employment slips and a few credits is manageable. Corporate filing is harder: a T2 has to reconcile to financial statements, and for tax years beginning after 2023 electronic filing is mandatory for essentially every corporation regardless of gross revenue. Self-employment, rental property, investments sold during the year, a move between provinces and foreign income are where self-filed returns most often go wrong.
Most bank charges are exempt rather than zero rated. Financial services such as account fees, interest, loan arrangement and most transfers fall in the exempt category, so no GST or HST is charged and there is no input tax credit to recover. Some bank services are taxable, including safety deposit boxes and certain administrative or advisory fees, and those do carry tax and an input tax credit. Check each statement line instead of assuming.
They can. Social assistance is reported on a T5007 slip and goes on the return, but it is generally offset so little or no tax is payable, and any tax withheld on other income comes back. The stronger reason to file is benefits: the GST/HST credit, the Canada child benefit and most provincial payments are recalculated from the filed return each year, so a missed return can stop them even when no tax is owed.
Your return tells you: if the tax withheld from your pay plus your credits exceed the tax owing on the year's income, the difference is a refund, and the bottom of the T1 shows it. After you file, CRA My Account shows the assessed amount and the deposit date, and your notice of assessment confirms whether the CRA agreed with your figures. An online return is usually processed in about two weeks.
No. GST/HST you collect is not revenue: you hold it on the CRA's behalf and remit it. Report sales net of the tax on your T2125 or corporate financial statements, and post the tax collected to a liability account rather than income. Including it overstates both revenue and profit. If you are not registered and charge no tax, gross sales are simply the amounts you billed your customers.
Telecommunications services are taxable, so the bill carries 5% GST plus whatever provincial tax applies where the service is supplied: 7% PST in British Columbia, 6% in Saskatchewan, or the provincial part folded into HST at 13% in Ontario and 14% in Nova Scotia since 1 April 2025. Alberta and the territories see only the 5% GST. A business can recover the GST or HST portion as an input tax credit; PST is not recoverable.
Usually not. Unbottled water supplied through a municipal system, and basic municipal services such as sewer and wastewater, are relieved from GST/HST, so those lines on the bill carry no tax. Bottled water, water sold in small containers, and taxable extras such as certain repair, connection or installation work are treated differently. What appears on the bill varies by municipality, so read its tax line and check the CRA's GST/HST guidance for municipalities.
Payments arrive monthly on a scheduled date, by direct deposit or cheque, and the dates for the whole year are published on canada.ca and shown in CRA My Account. If your total annual entitlement is small, the CRA may pay it in one lump sum instead of monthly instalments. The benefit year runs from July to June and amounts are recalculated each July from the prior year returns, so a late return interrupts the deposits.
Start with the employee's gross pay for the period and the claim codes from their federal and provincial TD1 forms, then use payroll software or the CRA payroll deductions online calculator for the province of employment. It returns the income tax, CPP contributions and EI premiums to withhold, plus the employer share of CPP and EI. Remit the total to your payroll account by your assigned remitting due date, which depends on your average monthly withholding amount.
All of it. No threshold lets cash go unreported: tips, side jobs, weekend work and cash sales are income the moment you earn them, and the CRA can reassess unreported amounts with penalties and interest. Keep a log of dates, amounts and payers, and deposit takings so records reconcile. Self-employed cash earnings go on Form T2125 with your T1 return; cash tips earned as an employee are employment income, not business income, and belong on the other-employment-income line of the T1 instead.
Employment income is taxed at source, so the levers are deductions and credits rather than avoidance. RRSP contributions reduce taxable income, and Form T1213 asks the CRA to lower the tax withheld from your pay for deductions you know you will claim. The CRA publishes no processing standard for it, so allow several weeks and send the request in the autumn before the year it applies to; a letter of authority covers one tax year only. Union dues, professional fees, child care and employer-approved employment expenses also help.
Reviewed and fact-checked by Udit Gupta
Ex Big 4 — Ernst & Young, Deloitte · International & cross-border tax specialist · CPA Canada (In-Depth Tax Program) · Chartered accountant, ICAI & MIA
Udit Gupta has over 15 years of experience helping corporations and business owners with corporate structuring, corporate tax filing, bookkeeping, payroll, GST/HST, cross-border tax and CRA representation. Big 4 trained at Ernst & Young and Deloitte, and qualified as a chartered accountant in India and again in Malaysia, he founded his accounting practice in 2014 to serve entrepreneurs, startups and non-resident business owners across Canada. View full member bio.
The Institute of Chartered Accountants of India — member 521458 · Malaysian Institute of Accountants — member CA 44667 · Ex Big 4: Ernst & Young, Deloitte · CPA Canada (In-Depth Tax Program), completed 19 Dec 2023 · In-Depth GST/HST Part I, 12 Jul 2022 · Part II, 5 Jul 2023
Editorial policy. Every page is researched against primary sources — the Income Tax Act, CRA publications and CPA Canada guidance — and every rate or threshold is stated with the tax year it applies to.
